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<SEC-DOCUMENT>0000950153-05-001687.txt : 20050722
<SEC-HEADER>0000950153-05-001687.hdr.sgml : 20050722
<ACCEPTANCE-DATETIME>20050722125721
ACCESSION NUMBER:		0000950153-05-001687
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20050826
FILED AS OF DATE:		20050722
DATE AS OF CHANGE:		20050722
EFFECTIVENESS DATE:		20050722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERCO /NV/
		CENTRAL INDEX KEY:			0000004457
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-AUTO RENTAL & LEASING (NO DRIVERS) [7510]
		IRS NUMBER:				880106815
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11255
		FILM NUMBER:		05968097

	BUSINESS ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WAY STE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89502
		BUSINESS PHONE:		7756886300

	MAIL ADDRESS:	
		STREET 1:		1325 AIRMOTIVE WAY
		STREET 2:		SUITE 100
		CITY:			RENO
		STATE:			NV
		ZIP:			89502

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERCO
		DATE OF NAME CHANGE:	19770926
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>p70945def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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<HEAD>
<TITLE>def14a</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 14pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>SCHEDULE 14A</B>

<DIV align="center" style="font-size: 12pt"><B>(RULE 14a-101)</B></DIV>



<P align="center" style="font-size: 12pt"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B>


<P align="center" style="font-size: 12pt"><B>SCHEDULE 14A INFORMATION</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Proxy Statement Pursuant to </B><B>Section 14(a)</B><B> of the Securities Exchange Act of 1934 (Amendment
No. &#95;&#95;&#95;)</B>



<P align="left" style="margin-left:2%; font-size: 10pt">Filed by the Registrant <FONT face="Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: Wingdings">&#168;</FONT>



<P align="left" style="margin-left:2%; font-size: 10pt">Check the appropriate box:<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Preliminary Proxy Statement



<P align="left" style="margin-left:2%; font-size: 10pt"><FONT style="font-family: Wingdings">&#111;</FONT> Confidential, for Use of the<br>
Commission Only (as permitted<br>
by Rule&nbsp;14a-6(e)(2))



<P align="left" style="margin-left:2%; font-size: 10pt"><FONT face="Wingdings">&#254;</FONT> Definitive Proxy Statement<br>
<FONT style="font-family: Wingdings">&#111;</FONT> Definitive Additional Materials<br>
<FONT style="font-family: Wingdings">&#111;</FONT> Soliciting Material Pursuant to &#167;240.14a-12

<P align="center" style="font-size: 24pt"><B>AMERCO</B>


<DIV align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 10pt">(Name of Registrant as Specified in Its Charter)</DIV>



<P align="center" style="font-size: 10pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)</DIV>



<P align="left" style="font-size: 10pt">Payment of Filing Fee (Check the appropriate box):




<P align="left" style="margin-left:2%; font-size: 10pt"><FONT face="Wingdings">&#254;</FONT> No fee required.<BR>
<FONT style="font-family: Wingdings">&#111;</FONT> Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.



<P align="left" style="margin-left:2%; font-size: 10pt">1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title of each class of securities to which transaction applies:



<P align="left" style="margin-left:2%; font-size: 10pt">2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate number of securities to which transaction applies:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):



<P align="left" style="margin-left:2%; font-size: 10pt">4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proposed maximum aggregate value of transaction:



<P align="left" style="margin-left:2%; font-size: 10pt">5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee paid:


<P align="left" style="font-size: 10pt"><FONT style="font-family: Wingdings">&#111;</FONT> Fee paid previously with preliminary materials:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR valign="top">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">Check box if any part of the fee is offset as provided by Exchange Act Rule&nbsp;0-11(a)(2) and
identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing.</TD>
</TR>
</TABLE>



<P align="left" style="margin-left:2%; font-size: 10pt">1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount previously paid:



<P align="left" style="margin-left:2%; font-size: 10pt">2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form, Schedule or Registration Statement No.:



<P align="left" style="margin-left:2%; font-size: 10pt">3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing Party:



<P align="left" style="margin-left:2%; font-size: 10pt">4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date Filed:



<P align="center" style="font-size: 10pt">
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt"><IMG src="p70945p7094505.gif" alt="(AMERCO LOGO)">



<P align="center" style="font-size: 10pt">1325 AIRMOTIVE WAY, SUITE 100<BR>
RENO, NEVADA 89502-3239



<P align="center" style="font-size: 10pt"><B>NOTICE AND PROXY STATEMENT*<BR>
FOR THE 2005 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON FRIDAY, AUGUST 26, 2005</B>


<P align="left" style="font-size: 10pt">TO THE STOCKHOLDERS:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 2005 Annual Meeting of the Stockholders of AMERCO (the &#147;Company&#148;) will be
held at the Airport Plaza Hotel, 1981 Terminal Way, Reno, Nevada 89502, on Friday,
August&nbsp;26, 2005, at 11:00 a.m. (local time) to (1)&nbsp;elect
two Class&nbsp;III Directors
to serve until the 2009 Annual Meeting of Stockholders and one Class&nbsp;I Director to
serve until the 2007 Annual Meeting of Stockholders; and (2)&nbsp;consider and act upon
any other business that may properly come before the meeting or any adjournment(s)
thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has fixed the close of business on July&nbsp;7, 2005 as the
record date for the determination of stockholders entitled to receive notice of
and to vote at the meeting or any adjournment(s) thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Company&#146;s Annual Report for the year ended March 31, 2005 is
enclosed, but is not deemed to be part of the official proxy soliciting materials.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, if any other matters properly come before the
meeting, the person named in the enclosed proxy will vote thereon in accordance
with his judgment. The Company&#146;s management cordially invites you to attend the
meeting. In fairness to all stockholders, and in the interest of an orderly
meeting, we ask all stockholders attending the meeting to observe the annual
meeting procedures attached hereto as Exhibit&nbsp;A.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By order of the Board of Directors,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><BR><IMG src="p70945p7094506.gif" alt="(-s- JENNIFER M SETTLES)"></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jennifer M. Settles</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secretary</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>STOCKHOLDERS ARE URGED TO SIGN, DATE, AND PROMPTLY MAIL THE PROXY CARD IN THE
ENCLOSED POSTAGE-PAID ENVELOPE. YOUR PROMPT RESPONSE WILL BE APPRECIATED.</B>


<P align="left" style="font-size: 10pt">* Approximate date of mailing to stockholders: July&nbsp;21, 2005



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 14pt"><B>AMERCO</B><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP>


<P align="center" style="font-size: 10pt"><B>PROXY STATEMENT<BR>
2005 ANNUAL MEETING OF STOCKHOLDERS<BR>
TO BE HELD ON AUGUST 26, 2005</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished in connection with the solicitation of proxies on behalf of
the Board of Directors of AMERCO, a Nevada corporation (the &#147;Company&#148;), for use at the 2005 Annual
Meeting of Stockholders to be held on Friday, August&nbsp;26, 2005 at
11:00 a.m. at the Airport Plaza
Hotel, 1981 Terminal Way, Reno, Nevada 89502 (the &#147;Meeting&#148;), and at any adjournment or
adjournments thereof. <B>The AMERCO Board of Directors is soliciting proxies.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only stockholders of record at the close of business on July&nbsp;7, 2005 (the &#147;Record Date&#148;) are
entitled to notice of and to vote at the Meeting. At the close of business on the Record Date, the
Company had outstanding 15,622,108 shares of its Common Stock, $0.25 par value, and 5,662,496
shares of its Series&nbsp;A Common Stock, $0.25 par value (collectively, the &#147;Common Stock&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One-third of the outstanding shares entitled to vote and to be represented in person or by
proxy at the
Meeting will constitute a quorum for the conduct of business. Abstentions and broker non-votes
will be treated as shares that are present and entitled to vote for purposes of determining the
presence of a quorum but as unvoted for purposes of determining the approval of any matter
submitted to the stockholders for a vote. Except as otherwise stated herein, provided a quorum is
present, the affirmative vote of the holders of a majority of the shares entitled to vote on the
matter is required to approve any matter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each stockholder is entitled to one vote per share of Common Stock for the election of
directors and on all other matters that may properly be brought before the Meeting. If the
accompanying proxy is signed and returned, the shares represented thereby will be voted in
accordance with any directions on the proxy. If a proxy does not specify how the shares represented
thereby are to be voted, the proxy will be voted for the director nominees named herein. Any
stockholder giving the enclosed form of proxy may revoke it at any time before it is voted at the
Meeting by filing with the Secretary of the Company a document revoking the proxy or by submitting
a proxy bearing a later date. The revocation of the proxy will not affect any vote taken prior to
such revocation. This Proxy Statement and the enclosed proxy are first being mailed to stockholders
on or about July&nbsp;21, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The solicitation of all proxies will be made primarily by mail and the cost of such
solicitation will be borne by the Company. The Company will reimburse fiduciaries, nominees, and
others for their out-of-pocket expenses in forwarding proxy materials to beneficial owners. Proxies
may be solicited by telephone, telegraph, facsimile transmission, and in person by employees of the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to applicable law, if any other matters properly come before the Meeting, the person
named in the enclosed proxy will vote thereon in accordance with his judgment.


<P align="center" style="font-size: 10pt"><B>ELECTION OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s Board of Directors consists of eight directors. The Company&#146;s Articles of
Incorporation provide for the division of the Board of Directors into four classes, designated
Class&nbsp;I, Class&nbsp;II, Class&nbsp;III, and Class&nbsp;IV. Subject to applicable law, each class shall consist, as
nearly as may be possible, of one-fourth of the total number of directors constituting the entire
Board of Directors. The term of each directorship is four years and the terms of the four classes
are staggered in a manner so that in most cases only one class is elected by the stockholders
annually.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the Meeting, two Class&nbsp;III directors will be elected to serve until the 2009 Annual Meeting
of Stockholders and one Class&nbsp;I director will be elected to fill the vacancy created by the
resignation of James J. Grogan on February&nbsp;9, 2005 to serve until the 2007 Annual Meeting of
Stockholders. It is the intention of the individual named in the enclosed form of proxy to vote for
the three nominees named below unless instructed to the contrary. However, if any nominee named
herein becomes unavailable to serve at the time of election (which is not anticipated), and, as


<P align="center" style="font-size: 10pt">1
</DIV>

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<P align="left" style="font-size: 10pt">a consequence, other nominees
are designated, the person named in the proxy or other substitutes
shall have the discretion or authority to vote or refrain from voting
in accordance with his judgment with respect to other nominees. The
two Class&nbsp;III and one Class&nbsp;I director nominees receiving the largest number of votes in favor
of their election will be elected as Class&nbsp;III and Class&nbsp;I directors, respectively.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors are elected by a plurality of the shares represented at the meeting, in person or by
proxy, and entitled to vote at the Annual Meeting, provided that a quorum is present. Votes may be
cast FOR all nominees, WITHHOLD for all nominees, or WITHHOLD as to specific nominees. The two
Class&nbsp;III nominees and the one Class&nbsp;I nominee who receive the greatest number of votes cast FOR
the election of such nominees shall be elected as directors. As a result, any vote other than a
vote FOR the nominee will have the practical effect of voting AGAINST the nominee. An abstention
will have the same effect as voting WITHHELD for election of directors.


<P align="center" style="font-size: 10pt"><B>Nominees For Election As
Class&nbsp;III Directors</B>


<P align="left" style="font-size: 10pt">The independent directors have approved the nomination of the following individuals to serve until
the 2009 Annual Meeting:



<P align="center" style="font-size: 10pt"><B>John M. Dodds<BR>
James P. Shoen</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JOHN M. DODDS, </B>68, has served as a Director of the Company since 1987 and Director of U-Haul
International, Inc. (&#147;U-Haul&#148;) since 1990. Mr.&nbsp;Dodds has been associated with the Company since
1963. He served in regional field operations until 1986 and served in national field operations
until 1994. Mr.&nbsp;Dodds retired from the Company in 1994.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JAMES P. SHOEN, </B>45, has served as a director of the Company since 1986 and was Vice President
of the Company from 1989 to November&nbsp;2000. Mr.&nbsp;Shoen has been associated with the Company since
1976. He served from 1990 to November&nbsp;2000 as Executive Vice President of U-Haul. He is currently
Vice President of U-Haul Business Consultants, a subsidiary of the Company.


<P align="center" style="font-size: 10pt"><B>Nominee For Election As Class&nbsp;I Director</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent directors have approved the nomination of the following individual to serve until
the 2007 Annual Meeting:


<P align="center" style="font-size: 10pt"><B>Daniel R. Mullen</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DANIEL R. MULLEN, </B>64, was elected to the Board on February&nbsp;23, 2005 to fill the vacancy
created by the resignation of James J. Grogan. Mr.&nbsp;Mullen has served as a member of the Advisory
Board since 2004 and a member of the Board of U-Haul since December, 2004. He has served as
Director and President of Continental Leasing Co. since 1970. He was Vice President and Treasurer
of Talley Industries, Inc., a multi-industry conglomerate from 1982 to 1998. Mr.&nbsp;Mullen was
associated with the Company from 1968-1982.


<P align="center" style="font-size: 10pt"><B>Directors Continuing In Office</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>Class</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Term Expires</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William E. Carty</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;IV</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles J. Bayer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;I</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John P. Brogan</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edward J. Shoen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Class&nbsp;II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">M. Frank Lyons</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WILLIAM E. CARTY, </B>78, has served as a Director of the Company since 1987 and as a Director of
U-Haul since 1986. He has been associated with the Company since 1946. He has served in various
executive positions in most areas of the Company. Mr.&nbsp;Carty retired from the Company in 1987.


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>CHARLES J. BAYER, </B>65, has served as a Director of the Company since 1990 and has been
associated with the Company since 1967. He has served in various executive positions and served as
President of Amerco Real Estate Company until his retirement in October&nbsp;2000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>JOHN P. BROGAN, </B>61, has served as a Director of the Company since 1998 and has served as the
Chairman of Muench-Kreuzer Candle Company since 1980. He has been involved with various companies
including a seven-year association with Alamo Rent-A-Car that ended in 1986.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>EDWARD J. SHOEN, </B>56, has served as a Director and Chairman of the Board of the Company since
1986, as President since 1987, as a Director of U-Haul since 1990, and as the President of U-Haul
since 1991. Mr.&nbsp;Shoen has been associated with the Company since 1971.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>M.&nbsp;FRANK LYONS, </B>69, was elected to the Board in 2002. Mr.&nbsp;Lyons served in various positions
with the Company from 1959 until 1991, including 25&nbsp;years as the president of Warrington
Manufacturing. From 1991 until his retirement in 2000 he was president of Evergreen Realty, Inc.


<P align="left" style="font-size: 10pt"><B>Director Qualification and Independence</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Independent Governance Committee has evaluated each director&#146;s independence. Nasdaq
requires that at least a majority of the Board of Directors be independent. In order to be
considered independent, a director cannot be an officer or employee of the Company or its
subsidiaries or any other person that in the opinion of the Board of Directors has a relationship
with the Company which would interfere with the exercise of independent judgment in carrying out
the responsibilities of a director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on its evaluation, the Independent Governance Committee has recommended to the Board of
Directors that Daniel R. Mullen, M. Frank Lyons, John M. Dodds, William E. Carty, Charles J. Bayer,
and John P. Brogan are independent. The full Board of Directors, based in part on the
recommendation of the Independent Governance Committee, has determined that the directors listed in
this paragraph are independent pursuant to Nasdaq&#146;s independence requirements.


<P align="center" style="font-size: 10pt"><B>OTHER INFORMATION REGARDING THE BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The full Board of Directors of the Company met seven times during the fiscal year ended March
31, 2005. Each director attended at least 75% of the meetings of the full Board of Directors and of
the committees on which he served. One or more of the directors are expected to attend the Meeting.
All directors attended our 2004 annual meeting, which was held on September&nbsp;24, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual fee for all services as a director of the Company is $50,000. Audit Committee
members receive a $50,000 annual fee, Executive Finance Committee and Compensation Committee
members receive a $20,000 annual fee, and Independent Governance Committee members receive a
$50,000 annual fee. These amounts are paid in equal monthly installments.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has appointed the following standing committees: Audit Committee,
Compensation Committee, Executive Finance Committee, and Independent Governance Committee. The
Company does not have a nominating committee. The responsibility for director nominations is vested
in the independent members of the board. The Board does not believe that a nominating committee is
necessary because every independent director (as determined by Nasdaq&#146;s rules) participates in the
nominating process. The Board of Directors has adopted a resolution addressing the nominations
process and related matters. Our process is described in this Proxy Statement under the heading
&#147;Director Nomination Process.&#148; Listed below is a summary of the Company&#146;s four committees and the
membership of those committees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Committee. </I>The Audit Committee assists the Board of Directors in fulfilling its
oversight responsibilities as to financial reporting, audit functions and risk management. The
Audit Committee monitors the financial information that is provided to stockholders and others, the
independence and performance of the Company&#146;s independent registered public accounting firm and
internal audit department and the systems of internal control established by


<P align="center" style="font-size: 10pt">3
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">management and the
Board of Directors. The Audit Committee operates pursuant to a written charter approved by the
Board of Directors. The Audit Committee is composed of John P. Brogan, Charles J. Bayer and John M.
Dodds and met six times during the fiscal year ended March&nbsp;31, 2005. Messrs.&nbsp;Brogan, Bayer and
Dodds are considered &#147;independent&#148; pursuant to the Nasdaq listing standards. The Board of Directors
has determined that Mr.&nbsp;Brogan qualifies as an Audit Committee Financial Expert as defined by the
rules of the Securities and Exchange Commission, based in part on his past experience in public
accounting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Executive Finance Committee. </I>The Executive Finance Committee is authorized to act on behalf of
the Board of Directors in approving any transaction involving the finances of the Company. The
Committee has the authority to give final approval for the borrowing of funds on behalf of the
Company without further action or approval of the Board of Directors. The Executive Finance
Committee is comprised of Edward J. Shoen, John P. Brogan and Charles J. Bayer. Although this
committee did not meet in person during the fiscal year ended March&nbsp;31, 2005, it acted by unanimous
written consent on approximately 25 occasions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Compensation Committee. </I>The Compensation Committee reviews the Company&#146;s executive
compensation plans and policies, including benefits and incentives, to ensure that they are
consistent with the goals and objectives of the Company. The Committee reviews and makes
recommendations to the Board of Directors regarding management recommendations for changes in
executive compensation and monitors management plans and programs for the retention, motivation and
development of senior management. The Compensation Committee met one time during the fiscal year
ending March&nbsp;31, 2005. The Compensation Committee is comprised of John P. Brogan and John M. Dodds,
independent directors of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Independent Governance Committee. </I>In 2003, the Company&#146;s Board of Directors approved the
formation of an Independent Governance Committee. The Independent Governance Committee is chaired
by John P. Brogan. Thomas W. Hayes, the former State Treasurer of California, and Paul A. Bible, a
partner in the Reno-based law firm of Bible, Hoy &#038; Trachok, are also members of this committee.
Neither Mr.&nbsp;Hayes nor Mr.&nbsp;Bible is a member of the Company&#146;s Board of Directors. The Independent
Governance Committee monitors and evaluates the Company&#146;s corporate governance principles and
standards and proposes to the Board any modifications which are deemed appropriate for sound
corporate governance. The committee may review other matters as referred to it by the Board. The
committee has the authority to and a budget from which to retain professionals. Committee
membership is for a term of one year and each member is determined by the Board to be free of any
relationship that would interfere with his exercise of independent judgment as member of this
committee. The Independent Governance Committee met two times during the fiscal year ending March
31, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Hayes was president of Metropolitan West Financial Inc, a diversified financial management
company with over $60&nbsp;billion in managed funds. He has also served as the State Treasurer of
California, California&#146;s Director of Finance, and was responsible for overseeing the successful
restructuring of Orange County&#146;s investment pool, following that county&#146;s Chapter&nbsp;11 filing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Bible currently serves as the Chairman of the Compliance Committee for H Group Holding,
Inc., the holding company of Hyatt Corporation. He also serves as Chairman of the Compliance
Committee for Jacobs Entertainment, Inc., the holding company of Black Hawk Gaming &#038; Development
Company, Inc. He is the former Chairman of the Board of Trustees of the University of Nevada, Reno
Foundation, and is the former Chairman of the Nevada Gaming Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Advisory Board Members. </I>In addition to the four committees described above, in 2003, the Board
of Directors authorized the inclusion of &#147;advisory&#148; Board members. Advisory Board members do not
officially vote, but are given full and complete access to the affairs of the Board, including all
meetings and votes of the Board and are treated in all other respects as a Board member. The Board
has authorized up to two advisory Board members who shall serve at the will of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, the Board of Directors appointed Michael L. Gallagher as a member of the Advisory
Board. Mr.&nbsp;Gallagher is a senior partner in the law firm Gallagher &#038; Kennedy. Mr.&nbsp;Gallagher is also
a director of Pinnacle West Capital Corporation and the Omaha World Herald Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Security Ownership of Certain Beneficial Owners and Management&#148; and &#147;Certain
Relationships and Related Transactions&#148; for additional information relating to the directors.


<P align="center" style="font-size: 10pt">4
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>DIRECTOR NOMINATION PROCESS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Director
Qualifications. </I>Persons nominated to the Board should have personal integrity and
high ethical character. Candidates should not have any interests that would materially impair his
or her ability to exercise independent judgment or otherwise discharge the fiduciary duties owed by
a director to the Company and its stockholders. Candidates must be able to represent fairly and
equally all stockholders of the Company without favoring any particular stockholder group or other
constituency of the Company and must be prepared to devote adequate time to the Board and its
committees. In selecting nominees for director, the Board will assure that:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at least three of the directors satisfy the financial literacy requirements required for
service on the Audit Committee; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at least one of the directors qualifies as an audit committee financial expert under the rules
of the Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Identifying Director Candidates. </I>The Board utilizes a variety of methods for identifying and
evaluating nominees to serve as directors. The Board has a policy of re-nominating incumbent
directors who continue to satisfy the Board&#146;s criteria for membership and whom the independent
directors believe continue to make important contributions to the Board and who consent to continue
their service on the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In filing vacancies of the Board, the independent directors will solicit recommendations for
nominees from the persons the independent directors believe are likely to be familiar with (i)&nbsp;the
needs of the Company and (ii)&nbsp;qualified candidates. These persons may include members of the Board
and management of the Company. The independent directors may also engage a professional search firm
to assist in identifying qualified candidates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In evaluating potential nominees, the independent directors will oversee the collection of
information concerning the background and qualifications of the candidate and determine whether the
candidate satisfies the minimum qualifications required by the Board for election as director and
whether the candidate possesses any of the specific skills or qualities that under the Board&#146;s
policies must be possessed by one or more members of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent directors may interview any proposed candidate and may solicit the views about
the candidate&#146;s qualifications and suitability from the Company&#146;s Chairman of the Board and
President and other senior members of management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The independent directors will make its selections based on all the available information and
relevant considerations. The independent directors&#146; selection will be based on who, in the view of
the independent directors, will be best suited for membership on the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In making its selection, the independent directors will evaluate candidates proposed by
stockholders under criteria similar to other candidates, except that the independent directors may
consider, as one of the factors in their evaluation, the size and duration of the interest of the
recommending stockholder in the stock of the Company. The independent directors may also consider
the extent to which the recommending stockholder intends to continue to hold its interest in the
Company, including whether the recommending stockholder intends to continue holding its interest at
least through the time of the meeting at which the candidate is to be elected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stockholder Nominees. </I>The policy of the Board of Directors is to consider properly submitted
stockholder recommendations for candidates for membership on the Board of Directors as described
below. The evaluation process for such nominations is overseen by our independent directors. In
evaluating such nominations, the independent directors seek to achieve qualified directors that can
represent fairly and equally all stockholders of the Company and based on the membership
qualifications and criteria described above. Any stockholder nominations for consideration by the
independent directors should be mailed or delivered to the Company&#146;s Secretary at 2727 N. Central
Avenue, Phoenix, Arizona 85004. Email submissions will not be considered. The recommendation must
be accompanied by the following information about the stockholder:


<P align="center" style="font-size: 10pt">5
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the stockholder&#146;s name and
address, including telephone number;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the number of shares of the Company&#146;s stock owned by the recommending stockholder and the time
period for which such shares have been held;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if the recommending stockholder is not a shareholder of record, a statement from the record
holder of the shares (usually a broker or bank) verifying the holdings of the stockholder and a
statement from the recommending stockholder of the length of time that the shares have been held;
and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement from the stockholder as to whether the stockholder has a good faith intention to
continue to hold the reported shares through the date of the next annual meeting at which the
candidate would be elected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the recommendation is submitted by a group of two or more stockholders, the above
information must be submitted with respect to each stockholder in the group. The recommendation
must be received by the Company not later than 120&nbsp;days prior to the first anniversary of the date
of the proxy statement for the prior annual meeting, except in the event that the date of the
annual meeting for the current year is moved more than 30&nbsp;days from the anniversary date of the
annual meeting for the prior year, the submission will be considered timely if it is submitted a
reasonable time in advance of the mailing of the Company&#146;s proxy statement for the annual meeting
for the current year. The recommendation must be accompanied by a
consent of the proposed nominee to be interviewed by the independent directors and other Board
members and to serve as director of the Company.

<P align="left" style="font-size: 10pt">The recommendation must also contain information about the proposed nominee, including:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the proposed nominee&#146;s name and address;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the information required by Items 401, 403 and 404 of SEC Regulation&nbsp;S-K (generally providing
for disclosure of arrangements or understandings regarding the nomination, the business experience
of the proposed nominee, legal proceedings involving the proposed nominee, the proposed nominee&#146;s
ownership of securities of the Company, and transactions and relationships between the proposed
nominee and the Company);


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a description of all relationships between the proposed nominee and any of the Company&#146;s
competitors, customers, supplies, labor unions or other persons with special interests regarding
the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the qualifications of the proposed nominee;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a statement from the recommending stockholder that in his or her view, the nominee, if
elected, would represent all the stockholders and not serve for the purpose of advancing or
favoring any particular stockholder or other constituency of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary will forward all recommendations to the independent directors. The acceptance of
a recommendation from a stockholder does not imply that the independent directors will recommend to
the Board of Directors the nomination of the stockholder recommended candidate. In addition, the
Company&#146;s bylaws permit stockholders to nominate directors and nothing in the above procedures is
intended to conflict with the provisions of our bylaws governing nominations by stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This information contained in this proxy about our nominations process is just a summary. A
complete copy of the policies and procedures with respect to stockholder director nominations can
be obtained from the Company, free of charge, by writing to our Secretary at the address listed
above.


<P align="center" style="font-size: 10pt"><B>COMMUNICATIONS WITH THE BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interested persons may communicate with the Board of Directors by writing to our Secretary at
2727 N. Central Avenue, Phoenix, Arizona 85004. All such communications, or summaries thereof, will
be relayed to the Board.


<P align="center" style="font-size: 10pt">6
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s knowledge, the following table lists, as of June&nbsp;30, 2005 the
beneficial ownership of the Company&#146;s equity securities and the amount of net payments received by
such persons during the 2005 fiscal year in respect of fleet-owner contracts issued by U-Haul of
(1)&nbsp;each director and director nominee of the Company, of each executive officer named on page 9,
and of all directors and executive officers of the Company as a group; and (2)&nbsp;those persons who
beneficially own more than five percent (5%) of the Company&#146;s Common Stock.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of Net</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fleet Owner</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Contract Payments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward J. Shoen<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board,
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3,487,805</TD>
    <TD nowrap valign="bottom"><SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16.4</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Director</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark V. Shoen<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, U-Haul
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">3,352,330</TD>
    <TD nowrap valign="bottom"><SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15.3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix Operations</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James P. Shoen<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,050,089</TD>
    <TD nowrap valign="bottom"><SUP>(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9.2</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director Nominee</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1325 Airmotive Way</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reno, NV 89502</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sophia M. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5104 N. 32nd Street
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="center" valign="top">1,346,669<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6.3</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85018</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The ESOP Trust<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,154,854</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10.8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John M. Dodds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director Nominee</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William E. Carty<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles J. Bayer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,186</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">**</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Brogan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">6,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">**</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M. Frank Lyons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">300</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">**</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Avenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and Address</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares of Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Percentage of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of Net</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>of Beneficial Owner</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Stock Beneficially</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common Stock</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Fleet Owner</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Class</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Contract Payments</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald C. Frank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive V.P. Field
Operations<BR>of U-Haul
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">2,592</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">**</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">**</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Ave.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Daniel R. Mullen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director and
Director Nominee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">4,000</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">N/A</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">N/A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Avenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix, AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jack A. Peterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&#151;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officer of AMERCO</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2727 N. Central Avenue</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix. AZ 85004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Atticus Capital, L.L.C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5% Stockholder
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1,070,660</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">5.0</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Officers and Directors
as a group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(17 persons)<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8,726,863</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41.0</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">**</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="3%" nowrap align="left">**</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">The amount of Net Fleet Owner Payments was less than $500.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">Edward J. Shoen, Mark V. Shoen, James P. Shoen, and William E. Carty beneficially own 16,300
shares (0.26&nbsp;percent), 16,700 shares (0.27&nbsp;percent), 34,506 shares (0.56&nbsp;percent), and 12,000
shares (0.19&nbsp;percent) of the Company&#146;s Series&nbsp;A 8 1/2% Preferred Stock, respectively. The executive
officers and directors as a group beneficially own 79,506 shares (1.3&nbsp;percent) of the Company&#146;s
Series&nbsp;A 8 1/2% Preferred Stock.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">The complete name of the ESOP Trust is the ESOP Trust Fund for the AMERCO Employee Savings and
Employee Stock Ownership Trust. The ESOP Trustee, which consists of three individuals without a
past or present employment history or business relationship with the Company, is appointed by the
Company&#146;s Board of Directors. Under the ESOP, each participant (or such participant&#146;s beneficiary)
in the ESOP directs the ESOP Trustee with respect to the voting of all Common Stock allocated to
the participant&#146;s account. All shares in the ESOP Trust not allocated to participants are voted by
the ESOP Trustee. As of March&nbsp;31, 2005, of the 2,166,799 shares of Common Stock held by the ESOP
Trust, 1,514,473 shares were allocated to participants and 652,326 shares remained unallocated. The
number of shares reported as beneficially owned by Edward J. Shoen, Mark V. Shoen, James P. Shoen,
and Sophia M. Shoen include Common Stock held directly by those individuals and 4,124; 3,848;
3,775; and 197 shares of Common Stock, respectively, allocated by the ESOP Trust to those
individuals. Those shares are also included in the number of shares held by the ESOP Trust.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the best of the Company&#146;s knowledge, there are no arrangements giving any stockholder the
right to acquire the beneficial ownership of any shares owned by any other stockholder.



<P align="center" style="font-size: 10pt">8
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt"><B>EXECUTIVE COMPENSATION</B>


<P align="left" style="font-size: 10pt">The following Summary Compensation Table shows the annual compensation paid to (1)&nbsp;the
Company&#146;s chief executive officer; (2)&nbsp;the four most highly compensated executive officers of the
Company, other than the chief executive officer, and (3)&nbsp;an individual who would be one of the four
most highly compensated executive officers of the Company if that individual was an executive
officer as of the end of the fiscal year.



<P align="left" style="font-size: 10pt"><B>Summary Compensation Table</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">Annual Compensation</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">All Other</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Salary</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Bonus</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Compensation</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)(1)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">($)(2)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name and Principal Position</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Edward J. Shoen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Chairman of the Board</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">and President of AMERCO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">and U-Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mark V. Shoen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646,154</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">President of U-Haul</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,076</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Phoenix Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James P. Shoen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Vice President of</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U-Haul Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Consultants, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ronald C. Frank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Executive V.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">198,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">U-Haul Field Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Jack A. Peterson(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">259,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Chief Financial Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">of AMERCO until July&nbsp;2005</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary V. Klinefelter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">190,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Secretary and General</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Counsel of AMERCO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,738</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">and U-Haul through</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">November&nbsp;2004</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">Includes annual fees paid to Directors of the Company and U-Haul.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">Represents the value of Common Stock allocated under the AMERCO Employee Savings, Profit
Sharing and Employee Stock Ownership Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">Jack A. Peterson left the Company to pursue other interests effective July 8th, 2005.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">9
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>BOARD REPORT ON EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is the duty of the Compensation Committee to review and determine the salary and
bonus of the Company&#146;s Chairman of the Board and President, and to establish the general
compensation policies for the Company&#146;s executive officers. The Compensation Committee reviewed and
determined the amount of compensation paid to the Chairman of the Board and President for fiscal
2005. The determination was subjective and not subject to a specific criteria. Although the
Compensation Committee had primary authority with respect to compensation decisions for the
Company&#146;s other executive officers during fiscal 2005, the Chairman of the Board and President has
significant input on these decisions with the counsel of individual Board members, subject to the
ability of the Compensation Committee or the full Board to revise or override these decisions.
Executive compensation was set at levels designed to retain the Company&#146;s executive officers and
was based on subjective factors such as the perception of each officer&#146;s performance and changes in
functional responsibility. The Company has not entered into employment agreements with any of its
executive officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board of Directors determines the amount, if any, of the Company&#146;s
contribution pursuant to the AMERCO Employee Savings, Profit Sharing and Employee Stock Ownership
Plan.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:45px; text-indent:-15px">John P. Brogan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John M. Dodds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>AUDIT COMMITTEE REPORT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Board of Directors (&#147;Audit Committee&#148;) is composed of three
independent directors and operates under a written charter adopted by the Board of Directors. Each
member of the Audit Committee meets the independence requirements of Nasdaq and the Securities
Exchange Act of 1934.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management is responsible for the Company&#146;s internal controls and the financial reporting
process. The independent registered public accounting firm is responsible for performing an
independent audit of the Company&#146;s consolidated financial statements in accordance with generally
accepted auditing standards and to issue a report thereon. The Audit Committee&#146;s responsibility is
to monitor and oversee these processes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In this context, the Audit Committee has met and held discussions with management and the
independent registered public accounting firm. Management represented to the Audit Committee that
the Company&#146;s consolidated financial statements were prepared in accordance with generally accepted
accounting principles, and the Audit Committee has reviewed and discussed the consolidated
financial statements with management and the independent registered public accounting firm. The
Audit Committee reviewed and discussed with the independent registered public accounting firm the
matters required to be discussed by Statement on Auditing Standards No.&nbsp;61 (Communication with
Audit Committees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s independent registered public accounting firm also provided to the Audit
Committee the written disclosures and the letter required by Independence Standards Board Standard
No.&nbsp;1 (Independence Discussions with Audit Committees), and the Audit Committee discussed with the
independent registered public accounting firm that firm&#146;s independence.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the Audit Committee&#146;s discussions with management and the independent registered
public accounting firm and its review of the representation of management and the report of the
independent registered public accounting firm to the Audit Committee, the Audit Committee
recommended that the Board of Directors include the audited consolidated financial statements in
the Company&#146;s Annual Report on Form 10-K for the year ended
March&nbsp;31, 2005 filed with the Securities
and Exchange Commission.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">John P. Brogan
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Charles J. Bayer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">John M. Dodds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">10
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>PERFORMANCE GRAPH</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following graph compares the cumulative total stockholder return on the Company&#146;s Common
Stock for the period March 31, 2000 through March 31, 2005 with the cumulative total return on the
Dow Jones U.S. Equity Market and the Dow Jones US Transportation Average. The comparison assumes
that $100 was invested on March&nbsp;31, 2000 in the Company&#146;s Common Stock and in each of the comparison
indices. The graph reflects the closing price of the Common Stock trading on Nasdaq on March&nbsp;31,
2001, 2002, 2003, 2004, and 2005.


<P align="center" style="font-size: 10pt"><IMG src="p70945p7094507.gif" alt="(PERFORMANCE GRAPH)">



<P align="center" style="font-size: 10pt">11
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>EXECUTIVE OFFICERS OF THE COMPANY</B>


<P align="left" style="font-size: 10pt">The Company&#146;s executive officers are:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Age*</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Office</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward J. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Chairman of the Board, President, and Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">William E. Carty
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">78</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John M. Dodds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charles J. Bayer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John P. Brogan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Daniel R. Mullen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M. Frank Lyons
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">69</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">James P. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gary B. Horton
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Treasurer of AMERCO and Asst. Treasurer of U-Haul</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rocky D. Wardrip
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Assistant Treasurer of AMERCO</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark V. Shoen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">President of U-Haul Phoenix Operations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John C. Taylor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Director and Executive V.P. of U-Haul</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald C. Frank
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Executive V.P. of U-Haul Field Operations</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark A. Haydukovich
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">President of Oxford Life Insurance Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Carlos Vizcarra
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">President of Amerco Real Estate Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard M. Amoroso
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">President of Republic Western Insurance Company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jason A. Berg
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Principal Accounting Officer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert T. Peterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">Controller of U-Haul</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>*</B>&nbsp;Ages
are as of June&nbsp;30, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See &#147;Election of Directors&#148; for information regarding Edward J. Shoen, William E. Carty,
Charles J. Bayer, James P. Shoen, John M. Dodds, John P. Brogan, Daniel R. Mullen and M. Frank
Lyons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gary B. Horton has served as Treasurer of the Company since 1982 and Assistant Treasurer of
U-Haul since 1990. He has been associated with the Company since 1969.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocky D. Wardrip, Assistant Treasurer of the Company since 1990, has been
associated with the Company since 1978 in various capacities within accounting and treasury
operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark V. Shoen has served as a Director of the Company from 1990 until February&nbsp;1997. He has
served as a Director of U-Haul from 1990 until November&nbsp;1997 and as President, Phoenix Operations,
from 1994 to present.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John C. Taylor, Director of U-Haul since 1990, has been associated with the Company since
1981. He is presently an Executive Vice President of U-Haul.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ronald C. Frank has been associated with the Company since 1959. He is presently Executive
Vice President of U-Haul Field Operations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark A. Haydukovich has served as President of Oxford Life Insurance Company (&#147;Oxford&#148;) since
June&nbsp;1997. From 1980 to 1997 he served as Vice President of Oxford.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlos Vizcarra has served as President of Amerco Real Estate Company since September&nbsp;2000. He
began his previous position as Vice President/Storage Product Group for U-Haul in 1988.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard M. Amoroso has served as President of Republic Western Insurance Company (&#147;RepWest&#148;)
since August&nbsp;2000. He was Assistant General Counsel of U-Haul from 1993 until February&nbsp;2000. He
served as Assistant General Counsel of ON Semiconductor Corporation from February to August&nbsp;2000.


<P align="center" style="font-size: 10pt">12
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jason A. Berg, Principal Accounting Officer of the Company, was appointed on July&nbsp;8,
2005. Prior to his appointment he served as Treasurer and Secretary of Oxford Life Insurance
Company. He has been with the Company since 1996.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert T. Peterson, 54, Controller of U-Haul since joining the company in November&nbsp;2002. He
has held a number of executive positions in the transportation industry and is presently CFO of
U-Haul.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edward J., Mark V., and James P. Shoen are brothers. William E. Carty is the uncle
of Edward J. and Mark V. Shoen. M. Frank Lyons was married to William E. Carty&#146;s sister
and the aunt of Edward J. and Mark V. Shoen until her death in 1992.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to &#147;Emergence from Chapter&nbsp;11.&#148;



<P align="center" style="font-size: 10pt"><B>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMERCO has engaged in related party transactions, and has continuing related party interests,
with certain major stockholders, directors and officers of the consolidated group.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2005, AMERCO purchased $128,587 of refinishing supplies from Space Age Auto
Paint Store Inc. Edward J. Shoen, a major stockholder, officer and director of AMERCO, owns Space
Age Auto Paint Store Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samuel J. Shoen, the son of Edward J. Shoen, is employed by U-Haul as project group
supervisor. Mr.&nbsp;Shoen was paid an aggregate salary and bonus of $94,807 for his services during the
fiscal year 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2005 a subsidiary of the Company held various senior and junior unsecured notes
of SAC Holdings. Substantially all of the equity interest of SAC Holdings is controlled by Mark
V. Shoen, a significant shareholder and executive officer of the Company. The Company
does not have an equity ownership interest in SAC Holdings, except for minority investments made by
RepWest and Oxford in a SAC Holdings-controlled limited partnership which holds Canadian
self-storage properties. The Company received cash interest payments of $11.7&nbsp;million from SAC
Holdings during fiscal year 2005. The notes receivable balance outstanding at March&nbsp;31,2005 was, in
the aggregate, $203.8&nbsp;million. The largest aggregate amount outstanding during the fiscal year
ended March&nbsp;31, 2005 was $203.8&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrues on the outstanding principal balance of junior notes of SAC Holdings that the
Company holds at a stated rate of basic interest. A fixed portion of that basic interest is paid on
a monthly basis. Additional interest is paid on the same payment date based on the amount of
remaining basic interest and the cash flow generated by the underlying property. This amount is
referred to as the &#147;cash flow-based calculation.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that this cash flow-based calculation exceeds the amount of remaining basic
interest, contingent interest is paid on the same monthly date as the fixed portion of basic
interest. To the extent that the cash flow-based calculation is less than the amount of remaining
basic interest, the additional interest payable on the applicable monthly date is limited to the
amount of that cash flow-based calculation. In such a case, the excess of the remaining basic
interest over the cash flow-based calculation is deferred. In addition, subject to certain
contingencies, the junior notes provide that the holder of the note is entitled to receive payments
upon, among other things, the sale of such property by SAC Holdings.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company currently manages the self-storage properties owned by SAC Holdings pursuant to a
standard form of management agreement with each SAC Holdings subsidiary, under which the Company
receives a management fee of between 4% and 10% of the gross receipts. The Company
received management fees of $14.4&nbsp;million during fiscal year 2005. This management fee is
consistent with the fees received for other properties the Company has managed for third parties.


<P align="center" style="font-size: 10pt">13
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In April&nbsp;2004, the Company entered into arrangements to manage properties leased by
Mercury Partners, L.P. (&#147;Mercury&#148;). Mercury is controlled by Mark V. Shoen. The property management
agreement we entered into with Mercury will pay U-Haul a fee of between 4% and 10% of the gross
receipts generated by the properties.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RepWest and Oxford currently hold a collective 46% limited partnership interest in Securespace
Limited Partnership (&#147;Securespace&#148;), a Nevada limited partnership. A SAC Holdings subsidiary serves
as the general partner of Securespace and owns a 1% interest. Another SAC Holdings subsidiary owns
the remaining 53% limited partnership interest in Securespace. Securespace was formed by SAC
Holdings to be the owner of various Canadian self-storage properties.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal year 2005, the Company leased space for marketing company offices, vehicle
repair shops and hitch installation centers owned by subsidiaries of SAC Holdings. Total lease
payments pursuant to such leases were $2.7&nbsp;million during fiscal year 2005. The terms of the leases
are similar to the terms of leases for other properties owned by unrelated parties that are leased
to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At March&nbsp;31, 2005, subsidiaries of SAC Holdings acted as U-Haul independent dealers. The
financial and other terms of the dealership contracts with subsidiaries of SAC Holdings are
substantially identical to the terms of those with the Company&#146;s other independent dealers. During
fiscal 2005, the Company paid subsidiaries of SAC Holdings $33.1&nbsp;million in commissions pursuant to
such dealership contracts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAC Holdings was established in order to acquire self-storage properties which are being
managed by the Company pursuant to management agreements. The sale of self-storage properties by
the Company to SAC Holdings has in the past provided significant cash flows to the Company.
However, in connection with SAC Holdings&#146; issuance of the New SAC Holdings Notes to AMERCO&#146;s
creditors in AMERCO&#146;s Chapter&nbsp;11 proceeding, certain SAC Holdings notes payable to the Company were
satisfied thereby extinguishing the &#147;cash flow-based calculation.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that its sales of self-storage properties to SAC Holdings over the past
several years provided a unique structure for the Company to earn rental revenues at the SAC
Holdings self-storage properties that the Company manages and participate in SAC Holdings&#146; excess
cash flows as described above.


<P align="center" style="font-size: 10pt"><B>EMERGENCE FROM CHAPTER 11</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
June&nbsp;20, 2003, AMERCO filed a voluntary petition for relief under Chapter&nbsp;11 of the
United States Bankruptcy Code. Amerco Real Estate Company also filed a voluntary petition for
relief under Chapter&nbsp;11 on August&nbsp;13, 2003. The other subsidiaries of AMERCO were not included in
either of the filings. On March&nbsp;15, 2004, we emerged from Chapter&nbsp;11 (less than nine months from our
petition date) with full payment to our creditors while preserving the interests of our
stockholders.


<P align="center" style="font-size: 10pt"><B>DERIVATIVE ACTION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The disclosure in this section is required by the federal securities laws because the
plaintiff, Paul F. Shoen, is the brother of one or more directors, officers and 5%
stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;24, 2002, Paul F. Shoen filed a derivative action in the Third
Judicial District Court of the State of Nevada, Washoe County, captioned Paul F. Shoen
vs. SAC Holding Corporation et al., CV02-05602, seeking damages and equitable relief on behalf of
AMERCO from SAC Holdings and certain current and former members of the AMERCO Board of Directors,
including Edward J. Shoen, Mark V. Shoen and James P. Shoen as defendants. AMERCO is named a
nominal defendant for purposes of the derivative action. The complaint alleges breach of fiduciary
duty, self-dealing, usurpation of corporate opportunities, wrongful interference with prospective
economic advantage and unjust enrichment and seeks the unwinding of sales of self-storage
properties by subsidiaries of AMERCO to SAC Holdings in prior years. The complaint seeks a
declaration that such transfers are void as well as unspecified damages. On October&nbsp;28, 2002,
AMERCO, the Shoen directors, the non-Shoen directors and SAC Holdings filed Motions to Dismiss the
complaint. In addition, on October&nbsp;28, 2002, Ron Belec filed a derivative action in the Second
Judicial District Court of the State of Nevada, Washoe County, captioned Ron Belec vs. William E.


<P align="center" style="font-size: 10pt">14
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">Carty, et al., CV 02-06331
and on January&nbsp;16, 2003, M.S. Management Company, Inc. filed a
derivative action in the Second Judicial District Court of the State of Nevada, Washoe County,
captioned M.S. Management Company, Inc. vs. William E. Carty, et al., CV 03-00386. Two additional
derivative suits were also filed against these parties. These additional suits are substantially
similar to the Paul F. Shoen derivative action. The five suits assert virtually identical claims.
In fact, three of the five plaintiffs are parties who are working closely together and chose to
file the same claims multiple times. These lawsuits falsely alleged that the AMERCO Board lacked
independence. In reaching its decision to dismiss these claims, the court determined that the
AMERCO Board of Directors had the requisite level of independence required in order to have these
claims resolved by the Board. The court consolidated all five complaints before dismissing them on
May&nbsp;28, 2003. Plaintiffs appealed and the appeal has been fully briefed before the Nevada Supreme
Court.



<P align="center" style="font-size: 10pt">15
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="center" style="font-size: 10pt"><B>RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BDO Seidman, LLP served as our principal independent registered public accounting firm for the
fiscal years ended March&nbsp;31, 2004 and 2005 and the Audit Committee has selected BDO Seidman, LLP to
audit AMERCO&#146;s financial statements for fiscal 2006. We expect that representatives of BDO Seidman,
LLP will be present at the Meeting. The following table shows the fees that AMERCO and its
consolidated entities paid or accrued for the audit and other services provided by BDO Seidman, LLP
for fiscal years 2005 and 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>March 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(In thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Audit-related fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">All other fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit Fees. </I>This category includes the audit of AMERCO&#146;s annual financial statements, review
of financial statements included in AMERCO&#146;s Form 10-Q quarterly reports, the internal control
evaluation under Section&nbsp;404 of the Sarbanes Oxley Act of 2002, and services that are normally
provided by the independent registered public accounting firm in connection with statutory and
regulatory filings or engagements for those fiscal years. This category also includes advice on
accounting matters that arose during, or as a result of, the audit or the review of interim
financial statements, statutory audits required by U.S. jurisdictions and the preparation of an
annual &#147;management letter&#148; on internal control matters.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Audit-Related Fees. </I>This category consists of assurance and related services provided by BDO
Seidman, LLP that are reasonably related to the performance of the audit or review of AMERCO&#146;s
financial statements and are not reported above under &#147;Audit Fees.&#148; The services for the fees
disclosed under this category include benefit plan audits and other accounting consulting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tax Fees. </I>This category consists of professional services rendered by BDO Seidman, LLP,
primarily in connection with AMERCO&#146;s tax compliance activities, including the preparation of tax
returns in certain jurisdictions and technical tax advice related to the preparation of tax
returns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>All Other Fees. </I>This category consists of fees for other miscellaneous items. This includes
fees associated with various litigation and regulatory inquiries occurring during the current and
prior fiscal years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each year, the Audit Committee approves the annual audit engagement in advance. The Audit
Committee also has established procedures to pre-approve all non-audit services provided by the
independent registered public accounting firm. All 2005 non-audit services listed above were
pre-approved. The Audit Committee has determined that the provision of services by BDO described in
the preceding paragraphs were compatible with maintaining BDO&#146;s independence as the Company&#146;s
principal accountant.


<P align="center" style="font-size: 10pt"><B>SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934 requires the Company&#146;s directors and
executive officers, and persons who own more than 10% of a registered class of the Company&#146;s equity
securities, to file reports of ownership of, and transactions in, the Company&#146;s securities with the
Securities and Exchange Commission. Such directors, executive officers and 10% stockholders are
also required to furnish the Company with copies of all Section 16(a) forms they file.


<P align="center" style="font-size: 10pt">16
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based solely on a review of the copies of such forms received by it, the Company believes that
during fiscal 2005, all Section 16(a) filing requirements applicable to its directors, officers and
10% stockholders were complied with except that a Form&nbsp;4 filed by James P. Shoen on August&nbsp;25,2004
was one day late.


<P align="center" style="font-size: 10pt"><B>STOCKHOLDER PROPOSALS FOR NEXT ANNUAL MEETING</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For inclusion in the proxy statement and form of proxy relating to the 2006 Annual Meeting of
Stockholders, a proposal intended for presentation at that meeting must be submitted in
accordance with the applicable rules of the Securities and Exchange Commission and received by the
Secretary of AMERCO, c/o U-Haul International, Inc., 2721 North Central Avenue, Phoenix, Arizona
85004, on or before March&nbsp;23, 2006. Proposals to be presented at the 2006 Annual Meeting of
Stockholders that are not intended for inclusion in the proxy statement and form of proxy must be
submitted by that date and in accordance with the applicable provisions of the Company&#146;s By-Laws, a
copy of which is available upon written request, delivered to the Secretary of AMERCO at the
address in the preceding sentence. The Company suggests that proponents submit their proposals to
the Secretary of AMERCO by Certified Mail-Return Receipt Requested.


<P align="center" style="font-size: 10pt">17
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>OTHER MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Company&#146;s Annual Report for the fiscal year ended March&nbsp;31, 2005 is enclosed
with this Proxy Statement. The Annual Report is not to be regarded as proxy solicitation material.

<P align="left" style="font-size: 10pt">THE COMPANY WILL PROVIDE TO EACH STOCKHOLDER OF RECORD ON THE RECORD DATE, WITHOUT CHARGE, A
COPY OF ITS ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED MARCH 31, 2005, INCLUDING THE
REQUIRED FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES. WRITTEN REQUESTS FOR THIS
INFORMATION SHOULD BE DIRECTED TO: MANAGER, FINANCIAL REPORTING, U-HAUL INTERNATIONAL, INC., P.O.
BOX 21502, PHOENIX, ARIZONA 85036-1502.



<P align="center" style="font-size: 10pt">18
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>EXHIBIT A</B>



<P align="center" style="font-size: 10pt"><B>AMERCO 2005 ANNUAL MEETING OF STOCKHOLDERS</B>



<P align="center" style="font-size: 10pt"><B>August&nbsp;26, 2005</B>



<P align="center" style="font-size: 10pt"><B>Reno, Nevada</B>



<P align="center" style="font-size: 10pt"><B>MEETING PROCEDURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In fairness to all stockholders attending the 2005 Annual Meeting, and in the interest of an
orderly meeting, we ask you to honor the following:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Admission to the meeting is limited to stockholders of record or their proxies.
Stockholders of record voting by proxy will not be admitted to the meeting unless their proxies are
revoked, in which case the holders of the revoked proxies will not be permitted to attend the
meeting. The meeting will not be open to the public. The media will not be given access to the
meeting through the proxy process.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Cameras and recording devices of all kinds (including stenographic) are prohibited in the
meeting room.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;After calling the meeting to order, the Chairman will require the registration of all
stockholders intending to vote in person, and the filing of all proxies with the teller. After the
announced time for such filing of proxies has ended, no further proxies or changes, substitutions,
or revocations of proxies will be accepted. (Bylaws, Article&nbsp;II, Section&nbsp;9)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;The Chairman of the meeting has absolute authority to determine the order of business to be
conducted at the meeting and to establish rules for, and appoint personnel to assist in, preserving
the orderly conduct of the business of the meeting (including any informal, or question-and-answer,
portions thereof). (Bylaws, Article&nbsp;II, Section&nbsp;9)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;When an item is before the meeting for consideration, questions and comments are to be
confined to that item only.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;Pursuant
to Article&nbsp;II, Section&nbsp;5 of the Company&#146;s Bylaws, only such business (including
director nominations) as shall have been properly brought before the meeting shall be conducted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Company&#146;s Bylaws, in order to be properly brought before the meeting, such
business must have either been (1)&nbsp;specified in the written notice of the meeting given to
stockholders on
the record date for such meeting by or at the direction of the Board of Directors, (2)&nbsp;brought
before the meeting at the direction of the Board of Directors or the Chairman of the meeting, or
(3)&nbsp;specified in a written notice given by or on behalf of a stockholder on the record date for
such meeting entitled to vote thereat or a duly authorized proxy for such stockholder, in
accordance with all of the following requirements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Such notice must have been delivered personally to, or mailed to and received at, the
principal executive office of the corporation, addressed to the attention of the Secretary no later
than April&nbsp;25, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Such notice must have set forth:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;a full description of each such item of business proposed to be brought before the meeting
and the reasons for conducting such business at such meeting,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the name and address of the person proposing to bring such business before the
meeting,


<P align="center" style="font-size: 10pt">19
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the class and number of shares held of record, held beneficially, and represented by
proxy by such person as of the record date for the meeting,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;if any item of such business involves a nomination for director, all information
regarding each such nominee that would be required to be set forth in a definitive proxy statement
filed with the Securities and Exchange Commission (&#147;SEC&#148;) pursuant to Section&nbsp;14 of the Securities
Exchange Act of 1934, as amended, or any successor thereto (the &#147;Exchange Act&#148;), and the written
consent of each such nominee to serve if elected,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;any material interest of such stockholder in the specified business,


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;whether or not such stockholder is a member of any partnership, limited partnership,
syndicate, or other group pursuant to any agreement, arrangement, relationship, understanding, or
otherwise, whether or not in writing, organized in whole or in part for the purpose of acquiring,
owning, or voting shares of the corporation, and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;all other information that would be required to be filed with the SEC if, with respect
to the business proposed to be brought before the meeting, the person proposing such business was a
participant in a solicitation subject to Section&nbsp;14 of the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No business shall be brought before any meeting of the Company&#146;s stockholders otherwise than
as provided in this Section. The Chairman of the meeting may, if the facts warrant, determine that
any proposed item of business or nomination as director was not brought before the meeting in
accordance with the foregoing procedure, and if he should so determine, he shall so declare to the
meeting and the improper item of business or nomination shall be disregarded.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;At the appropriate time, any stockholder who wishes to address the meeting should do so
only upon being recognized by the Chairman of the meeting. After such recognition, please state
your name, whether you are a stockholder or a proxy for a stockholder, and, if you are a proxy,
name the stockholder you represent. All matters should be concisely presented.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;A person otherwise entitled to attend the meeting will cease to be so entitled if, in the
judgment of the Chairman of the meeting, such person engages in disorderly conduct impeding the
proper conduct of the meeting against the interests of all stockholders as a group. (Bylaws,
Article&nbsp;II, Section&nbsp;6).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;If there are any questions remaining after the meeting is adjourned, please take them up
with the representatives of the Company at the Secretary&#146;s desk. Also, any matters of a personal
nature that concern you as a stockholder should be referred to these representatives after the
meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.&nbsp;The views, constructive comments and criticisms from stockholders are welcome.
However, it is requested that no matter be brought up that is irrelevant to the business of
the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;It is requested that common courtesy be observed at all times.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our objective is to encourage open communication and the free expression of ideas, and to
conduct an informative and meaningful meeting in a fair and orderly manner. Your cooperation will
be sincerely appreciated.



<P align="center" style="font-size: 10pt">20
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><DIV style="position: relative; float: left; width: 20%">

<P align="center" style="font-size: 10pt"><IMG src="p70945p7094500.gif" alt="(VOTING CARD)">


</DIV>
<DIV style="position: relative; float: left; margin-left: 2%; width: 56%">

<P align="center" style="font-size: 12pt"><IMG src="p70945p7094502.gif" alt="(AMERCO LOGO)">ESOP TRUSTEES



<P align="center" style="font-size: 12pt">1325 Airmotive Way, Suite&nbsp;100, Reno, NV 89502-3239



<P align="center" style="font-size: 12pt">Annual Meeting Date: August&nbsp;26, 2005<BR>
This pass-through vote solicited on behalf of the ESOP Trustees.



<P align="center" style="font-size: 10pt">The ESOP Trustees are hereby instructed to vote those shares of which<BR>
I am the beneficial owner and which are credited to my ESOP account at the<BR>
2005 Annual Meeting of Stockholders, and any adjournment thereof, as follows:


</DIV>
<DIV style="position: relative; float: right; width: 20%">

<P align="center" style="font-size: 10pt"><IMG src="p70945p7094501.gif" alt="(PENCIL GRAPHIC)">


</DIV>
<BR clear="all"><BR>

<P align="left" style="font-size: 10pt"><B>1. </B>Election of Directors:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">YES
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">NO</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASS I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(term expires 2007)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Daniel R. Mullen
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:18pt"><FONT face="Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:18pt"><FONT face="Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASS III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(term expires 2009)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John M. Dodds
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:18pt"><FONT face="Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:18pt"><FONT face="Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CLASS III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(term expires 2009)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James P. Shoen
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:18pt"><FONT face="Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="font-size:18pt"><FONT face="Wingdings">&#111;</FONT></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">This voting card should be promptly returned to:<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Horizon Benefits Consulting</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>PMB 64</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4757 E. Greenway Rd., Suite&nbsp;107B</B><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Phoenix, AZ 85032-9852</B><BR>
in the self-addressed envelope to insure receipt by the Tabulation Company no later than August&nbsp;19, 2005.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><HR size="1" noshade color="#000000">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B><I>Signature</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">
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